Miner Rio Tinto Ousts CEO as Bad Bets Cost Billions

Rio Tinto Chief Executive Tom Albanese agreed to step down Thursday, the latest in a string of leaders toppled by shifting fortunes at the world's biggest mining companies.

The New Jersey native ended his six-year tenure as the company said it would write off roughly $14 billion in the value of various assets—among the largest charges ever in an industry increasingly rocked by runaway costs.